Nigeria’s Imports From China Rise By 183.91%, Debts Hit $3.67bn.
Nigeria’s import from China rose by 183.91% from N530.98bn in the first quarter of 2018 to N1.51tn in Q1 2022. China is responsible for most of the imports into Nigeria-…
35% Of Workers Planning To Demand Pay Raise–Survey
35% of workers across the globe are planning to ask their employer for a pay raise. This will be in the next 12 months, a survey from PricewaterhouseCoopers has revealed.The…
H&M, Lululemon Back $250 Million Fashion Climate Fund To Decarbonise Supply Chain.
Lululemon Athletica Inc (LULU.O) and H&M Group (HMb.ST) are among backers of a $250 million fund. Aiming to speed up efforts to cut carbon emissions in the fashion industry’s supply…
NNPC To Pay N874bn In June As Subsidy Hits N1.82tn
Operators in the oil and gas sector and stakeholders are uncomfortable with the continued rise in Petrol. The cost of subsidising Premium Motor Spirit, popularly called petrol, has jumped to…
Pipelines Unclogged, But Canadian Crude Now Faces U.S. Gulf Coast Glut
Canadian heavy crude is finally trading like a “North American” grade, moving in tandem with U.S. sour crudes sold on the Gulf Coast after Enbridge Inc (ENB.TO) expanded its Line…
Investors May Jostle For Nigeria’s Barite Reserves
Barite or Barytes is a naturally occurring mineral made of barium sulphate and the source of the element barium. It is white or colourless and crystalline with a distinct heavy…
Tesla Goes Ahead With China Hiring Event After Musk Job Warning.
Tesla was proceeding with an online hiring event in China and added two dozen new job postings for the country. Elon Musk threatened job cuts at Tesla last week, claiming…
MAN Tackles CBN Over N1tn Low-Interest Loan-Nigeria.
Manufacturing companies have said they cannot access loans at the Central Bank of Nigeria’s 5% lending rate under its intervention scheme. According to them, the loans have structural framework problems…
Bank Partners’ Foundation On Female-Owned SMEs
FirstBank has said it is partnering with the ELOY Foundation to launch the ELOY Foundation Business Shower. This supports female entrepreneurs in building sustainable businesses. It said in a statement…
Export Company Launches N10bn Commercial Paper.
Neveah Limited, exporter of Agro-commodities and solid minerals company. The company announces redemption of its N2.7bn Series 1 Commercial Paper under a debut N10bn commercial paper. Neveah also disclosed the…
Oil Sticks Near Three-Month Highs Despite China Lockdowns.
Oil prices hovered near three-month highs on Thursday after parts of Shanghai imposed new COVID-19 lockdown measures. Brent crude futures for August dipped 9 cents to $123.49 a barrel at…
Metered Customers Rise To 4.7million, Registration Stalls At 10million
Electricity distribution companies’ customer registration exercises have been stagnant at 10 million for the past two years. Further findings also show that about 4% of registered power users (4.7 million)…
Nigeria’s Public Debt Climbs By N2.04tn In Q1 – DMO.
Nigeria’s total public debt stock increased to N41.60tn in the first quarter of 2022 from N39.56tn as of December 2021. This shows an increase of N2.04tn within a period of…
Customs Deepen Probe On Seized Foreign Rice, Others.
The Federal Operations Unit, Zone A, the Nigeria Customs Service, has arrested 14 suspects. All in connection with seized 9,917 bags of 50kg foreign parboiled rice and other contrabands. They…
Ghana’s Inflation Surges To 18-Year Peak, Rises Above 27% In May 2022.
Africa: Ghanaian inflation rate drops for the 3rd month to 10.1%. Ghana’s cedi becomes investors’ best choice ahead Nigeria’s naira. Ghana restricts flights into country after detecting Coronavirus but Nigeria…
Shell Inaugurates Second Phase Of Health Programme In Bayelsa Communities
Shell, the oil and gas firm, inaugurated the second and final phase of its healthcare projects. Launching in Oloibiri and other communities in the Ogbia Local Government Area of Bayelsa…
New Steel Plant Plans To Reduce $3.3bn Imports
Alok Gupta, the Managing Director of the African Industries Group, says that Nigeria needs to develop its large steel deposits. He further advised Nigeria to stop depending on steel imports…
Titan Trust Bank Appoints Amray As New CEO
Mudassir Amray has emerged as the new chief executive officer of Union Bank. He became the CEO of Titan Trust Bank Limited, a subsidiary of TGI Group. Many have lauded…
Coca-Cola Foundation Boosts Waste Management
The Coca-Cola Foundation has awarded a grant to the Growing Business Foundation to strengthen Nigeria’s plastic waste management value chain. The award is through the Coca-Cola Foundation’s Empowering Collectors Initiative.…
Metaverse Tokens Are Still Up 400% Year-On-Year
The Metaverse space remains the best performer in terms of price appreciation. Despite the market downturn, they are vastly outperforming every other crypto category. Even in the current bearish condition,…
African-Owned Startups, Chipper Cash, And Esusu Make Forbes Fintech 50 List Of 2022
Listed on the Fintech 50 list of 2022 by Forbes are Chipper Cash and Esusu, two African-owned startups. Esusu, co-owned by Ghanaian Abbey Wemimo, founded in 2018 alongside Samir Goel.…
Qatar Picks Exxon, Total, Shell, Conoco For Mega-LNG Expansion – Sources
Qatar has picked Exxon Mobil Corp, Total Energies SE (TTEF. PA), Shell (SHEL. L), and ConocoPhillips (COP. N). These companies will partner in the world’s largest liquefied natural gas (LNG)…
World Bank Slashes Global Growth Forecast To 2.9%, Warns Of ‘Stagflation’ Risk
The World Bank on Tuesday slashed its global growth forecast by nearly a third, to 2.9% for 2022. Russia’s invasion of Ukraine and damage from the COVID-19 pandemic have made…
E-Payment: Nigerians’ Spending On Utility Bills Soars By 387%.
From N189.50 billion to N387.19 billion, Nigerians spent 387.19 percent more on electronic bills including power and other utilities. In the first four months of 2019 to N923.24bn in the…
China’s May Exports, Imports Seen Recovering As Supply Chains Restart.
China’s exports are expected to have expanded at a faster pace in May as factories reopened. While imports also likely rose, a Reuters poll showed. The recovery adds to evidence…
Australia’s Central Bank Raises Interest Rate To 0.85%
The Reserve Bank of Australia has announced the greatest single hike in the cash rate in 22 years as it strives to contain inflation before it spirals out of control.…
Amazon Stock Split May Draw Retail Traders In Tough Market.
Amazon’s (AMZN.O) stock split may provide some solace to shareholders who have seen the e-commerce giant’s shares battered this year. Amazon shares were up 3.1% to $126.17 in afternoon trading…
Dollar Hits Fresh 20-Year Peak To Yen; Aussie’s Post-RBA Gains Fizzle.
The dollar rose for a second day versus the yen, hitting a new two-decade high, as concerns about rising inflation increased Treasury yields while Asian shares fell, both benefiting the…
Lagos, Oando Partner To Introduce Electric Mass Transit Buses- Nigeria.
With the signing of a Memorandum of Understanding to offer electric buses for citizens of Lagos, the Lagos Metropolitan Area Transport Authority and Oando have achieved a new milestone. The…
Turn Ex-Agitators Into Entrepreneurs, Amnesty Administrator Tells Contractors
The Interim Administrator, Presidential Amnesty Programme, Col. Milland Dixon Dikio (retd), has called on contractors engaged by the scheme to make entrepreneurs out of the ex-agitators that will be sent…